The price of gold and other precious metals are taking a breather after having a big couple of weeks on the heels of the Federal Reserve’s meeting.
Here’s where precious metals stand as of October 2, 2024:
- Gold, silver and platinum were flat week over week.
- The price of palladium declined 4%.
- The dollar put in an important bottom last week. The bounce this week is a trading reaction.
- The S&P 500 is flat from last week, after reacting to the Federal Open Market Committee meeting.
Precious Metals’ Year-to-Date Performance
September marks the eighth straight month that the price of gold ended higher. The gold price closed up 5.3% in September. That’s after rising up 13.6% for the third quarter, and up 27.5% for the year-to-date price.
Silver ended September up 7.6%, which made it positive for the third quarter — up 6.5%. And its year-to-date price has climbed 30.3%, which is better than gold’s performance.
Platinum has not fared as well. The price of platinum was down 5.2% for the month of September, with a 2% decline for the third quarter. Platinum’s price has declined 4.2% from the year to date price.
On the other hand, palladium rose 2.5% in September and it was up 1.5% for the third quarter. But its price is down 9.9% from the year to date.
Finally, the gold to silver ratio has increased 5.8% for the quarter, but it is flat on the year otherwise.
Gold in Wait and See Mode
Ongoing geopolitical tensions, like Iran launching missiles into Israel, are fueling uncertainty on the international front.
At home, the looming longshoreman strike threatens to disrupt the US imports and exports. Add to that the upcoming election, and it’s no surprise the markets are in a holding pattern, waiting for clarity on which direction to move next.
What’s Next for Metals?
The US is just about 30 days or so away from the presidential election, so it is possible that the markets are still in the “buy the rumor, sell the news” phase. Once the election is settled, the markets will likely look like a safer haven for investors. And the same will go for precious metals.
The hotter things get internationally, the better things like precious metals and liquidity assets will appear.
When to Buy Gold?
Wise investors know that consistent, regular acquisitions of gold and silver help build a firm foundation that provides a layer of protection.
With Vaulted, you can put your acquisitions on autopilot through VaultPlan. You set the desired amount, date and frequency (up to twice a month), and Vaulted handles the rest. All you need to do is log into your account, set up your plan, and sit back while VaultPlan grows your savings.
